Stuck in Funky Town

Stagnant incomes lead to stagnant spending, and the stock market's gains help only the better-off. Trouble in Europe.

Fresh on the heels of June's seemingly strong jobs report, which helped vault the Dow Jones Industrial Average triumphantly over the 17,000 mark just before America celebrated the July Fourth holiday, Crumbs Bake Shop early last week said that it would have to shutter its remaining stores. The purveyor of high-priced pastries seemed set to complete its journey from initial public offering to bankruptcy and...